XRP is still in a clear downtrend as it moves into a typically low volume and unpredictable weekend of price action.
The world’s fourth largest cryptocurrency, which has recently fallen behind Tether in the rankings, continues to struggle beneath the daily 200 moving average.
It has only traded above the 200MA for 21 days over the past 11 months, indicating just how severely both long and short term momentum are forcing price to the downside.
Interestingly, the 200MA is now at the lowest point since before XRP’s surge to its all-time high in January 2018.
This means that although the wider picture is bearish, breaking above it would demonstrate a clear change in behaviour that could lead towards a long-awaited reversal.
If XRP can begin to find an injection of interest from buyers, it could well start to rally to around $0.2279 before testing the yearly high at $0.3473.
Closing a daily candle above $0.35 would mark XRP’s first significant higher low in more than two years, which would add to the bullish narrative.
However, while XRP continues to trade below the 200MA it is almost impossible to be bullish, what’s more likely is continuation of the macro downtrend, which would see the $0.1479 level of support come back into the frame.
Ripple CEO Brad Garlinghouse has adamantly defended the project over the past 12 months in light of alleged XRP token sales, with aggrieved investors blaming the sales for XRP’s slump in price.
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About Ripple (XRP)
Ripple is a real-time gross settlement system (RTGS) developed by the Ripple company. It is also referred to as the Ripple Transaction Protocol (RTXP) or Ripple protocol. It can trace its roots to 2004 when a web developer called Ryan Fugger had the idea to create a monetary system that was decentralised and could effectively allow individuals to create their own money.
Ripple is one of the largest cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.
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